Facebook Buys Instagram for $1B

Facebook dropped a surprise on the Internet on Monday with the announcement that it is buying Instagram in a deal that’s worth about US$1 billion. Instagram is a popular photo sharing and social networking service that until just recently offered an app only for the iPhone.

Facebook Gives Instagram a $1B Like

According to Facebook CEO Mark Zuckerberg, Instagram will continue to run as an independent company. “This is an important milestone for Facebook because it’s the first time we’ve ever acquired a product and company with so many users,” he said in a Facebook post. “We don’t plan on doing many more of these, if any at all.”

Since Facebook will be able to work more closely with Instagram’s team, there’s a good chance users will get easier ways to add photos to their timelines — a Facebook feature that currently isn’t as strong as it could be.

Instagram CEO Kevin Systrom did his part to reassure users that the photo sharing service isn’t disappearing as part of the deal. “We’ll be working with Facebook to evolve Instagram and build the network,” he said in a blog post. “We’ll continue to add new features to the product and find new ways to create a better mobile photos experience.”

Mr. Systrom added that Instagram will continue to support sharing content with other social networks, too. “The Instagram app will still be the same one you know and love,” he said.